Introduction
It is very tough journey for me to stay in Canada starting from 2010. I did not have a job and I immigrated to Canada without enough working skills and also financial knowledge on April 23, 2010. I like to write down my journey starting from April 23, 2010.
My rich journey
April 23, 2010
I arrived to Canada, and then I made a transaction almost losing $4,000 dollars based on my real consumption. I purchased Canadian dollars using $17,000 dollars in one transaction, the first day I arrived in Canada. Here is the blog to document my purchase.
Actionable Items:
Learn asking questions. Think about alternatives. Do some research in advance. Do not go for a big purchase any time. I did make mistake on brand new car in 1999 Ford Explorer, 2002 on SONY laptop $1800 us dollars, 2001 Shanghai vacation with my relatives over $6,000 us dollars. I have the issues to handle big projects, I am not a good project manager at all, I could not make a plan and a budget and I was under influence of people.
Anything above $1,000 dollars, there is business opportunities for me to learn save at least 10% cost.
January, 2012
China vacation over one month. I ended up spending over $5,000 Canadian dollars, more than 50% saving from June 2010 to 2012 January, 18 months full time work.
Here is my cashout in China in one month vacation. I took the cash over $16,000 Chinese yuan. I was an ATM machine; I did not do enough research how to protect myself financially. I chose the wrong time wrong place to take vacation,
Here is the summary of withdraw.
I have to go through the learning process again, how to learn to stay away from impulsive spending, without a budget, and I did not have my own home in the city of Vancouver. My mom had her salary enough for two people expense, her home paid off by me back in 2000. I just spent those cash for a holiday. It was so brutal to learn those financial mistakes I made in January 2019. Personal finance research is a tough business to push through.
Actionable Items:
I also needed to learn how to take vacation. When to take vacation, how long should I take when I have a full time job. I was lucky in 2012 to take one month vacation. The website was not down. A few years later, the website was hacked and I learned that I was luck those years from 2010 to 2014. I should take one week vacation only at most one time, and be a responsible person. If anything happens at work, then I will be back in less than one week. I also need to cut expenses down, say no to a lot of expenses. Specially I should say no to extra spending. I bought over 10 pieces coat prices in 2002 vacation in China alone.
I will write down more challenges I came cross after 2012 January.
I do not take any vacation day in 2010 and 2011. Instead I should take 1 or 2 vacation days to get familiar with small cities near Vancouver, and I should start to learn to invest in real estate. At least I should spend time to study videos on youtube.com.
Big waste
I took FAU graduate study on research from 2010 June to 2011 August, I did not have income from United States. Instead I paid over $2,000 US dollars to pay 2010 Fall term, 2011 spring and fall term out-of-state tuition. I learned that I cannot make it work for a late project.
$2,000 dollars is over 400 hours work as a minimum wage worker. If my research has value, then some one will pay for me to do the work. I was so scared to stop the program when I signed to quit the program, relinquish my F1-status in 2011.
Summary
It was very tough first two years in my life in Canada in terms of my personal finance and I did not learn the value of dollars, my vacation of China $5,000 dollars, which can be 30% of 1500 square condo in the city of Yichun, Jiangxi province. I did not learn how much power I can use those money on investment instead of on food, travel, sightseeing, and those cash gift. I like so many expensive things, road trip, winter coats, and gourmet food.
Statistics
It is easy to come out the loss of all the cash in the following:
$4000 one transaction loss, $17000 US dollar to purchase Canadian dollars
$2000 US dollars tuition
$5000 Canadian dollar one vacation to china
In total, over 10,000 dollar loss.
Opportunity cost - I should invest a condo in Chilliwack with price around $50,000 Canadian dollars in 2011, so I sell it with triple price in 2018.
I no longer can purchase a condo in China since I am in Canadian citizen. But I got Canadian citizen in 2014. I should consider to purchase a home in 2001 in my home town.
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